Monday, April 24, 2006

Record Oil Company Profits

The oil industry is currently posting record profits - "In January, ExxonMobil Corp., the nation's largest oil company, reported U.S.-record profits for the quarter ($10.7 billion) and the year ($36.1 billion)"* - while consumers are paying record prices. Here in Las Vegas, we are paying between $2.85 to $3.15 per gallon of gasoline depending on the station, location, and time of day.

Now let’s assume a price per gallon of $3.00 for easy math – where is the money going?

It is time for gasoline price relief. The Bush-Oil administration has made enough money on the backs of the working people!

Although I don't seriously expect a Texas oilman to pressure the oil industry, Senator Specter is considering a windfall profits tax on the oil industry. This law must pass, however even this is not enough. There needs to be a temporary moratorium on the Federal gasoline tax and pressure on the states to reduce their gasoline taxes - after all if Alaska can survive on a gas tax of $0.08 / gallon then why can't Nevada?

Additionally, it is time to open the strategic reserves and flood the market with cheap fuel, seriously pursue alternate energy such as wind farms, solar stations, fuel cells, hydrogen power for electric stations, ethanol (both corn and bioethanol made from cellulose biomass - such as trees and grasses), and biodiesel - a product which should be mandatory for all diesel fleet vehicles.

Finally, call me a conspiracy seeker, but Bush has pushed for drilling in the Artic Wildlife Refuge almost every year since he stole office - obscene fuel prices will surely soften public sentiment to finally steal this public land and give it to his pals in the oil industry.

Now I want to hear some feedback from everyone and I want you to pass a link to this post along to your friends and family andget people talking.